Is the ED school Mt. Holyoke? (as suggested in post #4?)
You need to contact the financial aid office at MHC and ask whether the preliminary award includes a calculation for the twin sister also being in college.
When my d. was accepted to Barnard, she had a sibling who was not then in college but planning to also enroll the following year. So I had filled out the FAFSA & CSS Profile indicating two kids in college, but had to answer “unknown” (or leave a blank) to the question that asked the name of the sibling’s college. Barnard did something odd with their financial aid award – they calculated Pell eligibility based on counting the sibling (halving our FAFSA EFC) – but did not count him for purpose of the family contribution or Barnard grant amount. Nothing on the paperwork I had explained that – but when I inquired, the financial aid rep said, “I’m glad you called” - and then she explained to me that my D’s Barnard grant would be increased in the fall after the school received confirmation of enrollment and a COA statement from whatever college my son chose to attend. And that is indeed what happened-- they essentially raised my daughter’s grant by the amount of my son’s tuition – in our case, my son was at a regional state public so the tuition was fairly low – I had always assumed, but not asked, that there was some sort of cap in the amount that they would have picked up.
So that could be what you are seeing from MHC (or whatever the ED college is). You could potentially see the financial aid award go up substantially, once you can provide the college with the appropriate paperwork to document the twin’s attendance.
Also (again relying on post #4) – do let the college know about your husband’s health issues. That brings up a number of factors that could be used by the school under “professional judgment” rules to increase financial aid.
I’ll join the chorus to note that ED is particularly bad in this situation, because I would think that anyone familiar with how colleges calculate need based aid would have foreseen this problem. From the college’s perspective, they can’t promise you more than they can offer – so for an early preliminary award, they probably do need to calculate based on the single student in college, and not based on an expectation of the twin’s enrollment that might not come to fruition. Sorry that the GC put you in this position-- I’d think that especially with twins you would have been better off if you had told your daughters that neither could apply ED because you would need to evaluate all financial aid awards together to ensure that you could afford to pay for both of them.
The OP wrote, " it is still looking like we are being expected to pay almost 80% of our net income between the two to them" – so they can’t have an income too, given that the COA of the respective colleges defines the upper limit.
She also said that they don’t have a home and have “very little” in assets.
That’s why I suspect that the problem is that the preliminary financial aid offers aren’t factoring in the sibling’s simultaneous enrollment. If she had written 40% of family net income, it would sound much more in-line with an anticipated EFC. I think colleges really want proof of the sibling enrollment… When an older sibling is already enrolled, the certification of enrollment can easily be obtained and transmitted ahead of the financial aid deadlines. It’s a very simple process.
In any case, it would be my first line of inquiry.
I think the problem is that the girls’ schools do NOT meet need…and both are being gapped…so that’s why the total is 80% of their NET income. …not gross income. And since they don’t own a home, that means that they don’t have a mortgage deduction so they may be paying more taxes than another with a similar income.
I don’t think that the total for the two girls’ schools cost is really a reflection of anything…except for maybe being gapping schools.
I think I would have a little “talking to” that GC who pressured them to let D1 apply ED …especially to a school that doesn’t promise to meet need. It allowed D1 to continue to be stubbornly focussed on one school that may likely be unaffordable.
If the school in question is MHC, they not only meets 100% demonstrated need, they also award merit $$ and from my experience with them are very reasonable people to work with.
IF this is the school mom should put in a request for reconsideration where she should address second child in college and any unreimbursed medical expenses/ job loss/income reduction associated with husband’s illness
Two things to point out - the family has very decent income in a high income area, and the 80% in the OP was of NET income. That could be net of taxes, mortgage, bills, etc. And from the way the OP was worded it is possible the ED offer wasn’t based on two students in college. Definitely a valid thing to check.
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is MHC, they not only meets 100% demonstrated need,
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I think the ED school is MHC. Thanks for the info that it meets 100% of need. I thought that they didn’t promise to meet need. They must have a good number of affluent students attending because their avg grant is only about $32k…which is about half the cost of the school.
Then likely the D2’s schools are the ones that aren’t meeting need, are gapping, and is causing the issue of most of “net income” going to college costs.
However, if D2 takes a gap year to reapply, then D1’s costs will go up.
From other posts, I don’t think there is yet a drop in income because the dad is still working. I don’t think schools adjust based on a possible future reduction. They may adjust when there actually IS a reduction.
I do think that the income must be strong, but w/o a mortgage deduction, maybe that’s why the schools’ cost is 80% of take home?
Even if the cost for D1 go down. Even if only 30 or 40% of income is needed to send the girls. That just seems difficult for a family that hasn’t been able to save, acquire assests and may have medical bills.
@mom2collegekids That is why I suggested including the GC in this discussion. For ownership, awareness and the off chance she had a feasible plan.
To the OP…any chance you are self employed or own your own business? Is your gross income significantly higher than your net income?
I agree…contact MHC…and ask if the family contributio is based on having two students in college. They will work through this wth you.
Curious…what was your FAFSA efc? When you comoleted the FAFSA, did you put that two students would be attending college at the same time? Is there a huge difference between the FAFSA EFC and what MHC is asking your family to pay?
ETA…Gearmom…where I live, the GC’s are forbidden to discuss family finances with students. It is considered a violation of family privacy to inquire about family finances. And anyway…most GCs know more about admissions and very little about the varying policies of financial aid at the vast majority of colleges.
@mom2collegekids Even if both colleges meet need that does not mean they are affordable. I think that the wording can bevery confusing for people. (Not you).
@thumper1 I thought OP said that the GC recommendation for ED came dispite voicing cost concerns. Their reccomendations are not valid options without that though.
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@mom2collegekids Even if both colleges meet need that does not mean they are affordable. I think that the wording can be very confusing for people. (Not you).
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Oh I agree. Even “meets need” schools are often not affordable.
It’s just that if two “meets need” schools were selected, then likely the cost wouldn’t be 80% of take home, unless lots of assets, which this family doesn’t have.
@thumper1 brings up a good point…if either parent owns their own business or works in a field that includes taking “business deductions” then that would also cause a higher family contribution.
I know that this family didn’t want to “limit choices” because of the dad’s extremely serious illness, and likely the dad doesn’t want his D’s to further feel “cheated,” but certainly the dad also wouldn’t want his wife left with a large amount of debt that would make her future years even more difficult.
Right Gearmom…the GC recommended ED. The very LAST person I would talk to about the affordability of college would be this GC who clearly ignored the family finances (if she knew them) when encouraging this ED application.
Sorry you have to deal with this, plus the illness. Sounds really hard.
My impression is that EFC often has nothing to do with how much you really feel you can pay. Sounds like both daughters might need to rethink their school choices. I like the Maine ideas. Is the flagship school from your state not a consideration? I know some of these are not as great a bargain and certainly not the intimate all-girls experience of MHC. If you go to UMASS, how much can you cross-register at MHC? (I don’t know the answer).
Good advice was given by many posters including the concerns regarding applying ED.
To the OP…I hope you can get this sorted out for this year, but remember that you should also discuss what will happen in subsequent years if your income changes…up or down…or your assets change. You don’t want to get in a situation where the first year is “affordable” but subsequent years won’t be.
This is a difficult situation. I think you do need to put the needs of your family first. I hope it all works out.
@gearmom Yes, absolutely. We are talking about the same place. UMaine, the University of Maine, University of Maine - Orono, and UMO are all the same place. Its official name is the University of Maine but it is in Orono and a lot of people use the location when referring to the school.
By the way, when I said UMFK was far from the Maine border, I meant the southern Maine border. It is right next to the northern Maine border with Canada and gets a fair number of Canadian students.
Additionally, I hope OP discusses the implications of the girls taking out the maximum for Stafford loans if that is what they are going to do. One D was going to major in art. What kind of salary are both girls expecting? That will be quite a burden for them and the OP may not be able to help if she has 100K in Parent Plus loans.
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One D was going to major in art. What kind of salary are both girls expecting?
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Excellent point. Those going into careers that involve art, theater, music, teaching, and a few others need to be very careful about how much they borrow. They often are barely earning enough to support themselves, much less pay back any loans.
I know an Early Childhood major who graduated a few years ago and hasn’t been able to pay back a DIME of her loans. They’re all in default. She was offered the discounted payment based on her limited income and she still can’t pay anything towards them. Rent, utilities, car, insurance, food, phone, etc…eat up all her salary.
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That will be quite a burden for them and the OP may not be able to help if she has 100K in Parent Plus loans.
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I certainly hope that the mom doesn’t even take out 25k in Plus loans.